The Role and Context of Finance and Accounting

This week’s topics

The Role and Context of Finance and Accounting

1. Financial vs management accounting
2. Importance of financial control in tourism and hospitality
3. Regulatory frameworks and standards (GAAP, IFRS)
4. Legal and tax compliance requirements
5. Introduction to Financial and Management Accounting
6. Regulatory Framework - ACCA Financial Accounting (FA) lectures
7. FRS 102 – The Financial Reporting Standard (UK GAAP Explained)

What you will be able to do

• 1.1 Explain the importance of finance and accounting in the context of a tourism or hospitality organisation.
• 1.2 Explain the regulatory and legal influences on a tourism or hospitality business’s finance and accounting function.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: explain the importance of finance and accounting in the context of a tourism or hospitality organisation.

Study materials

Videos

• Introduction to Financial and Management Accounting · YouTube · Galton College · 30 min · for registered students
• Regulatory Framework - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 6 min · for registered students
• FRS 102 – The Financial Reporting Standard (UK GAAP Explained) · YouTube · Accounting BotCast · 25 min · for registered students

Further resources

• All Are Welcome: An Introduction to the Hospitality Industry, ch. 10: Finance and Accounting · Reading · Libretexts, textbook chapter · for registered students
• Financial Management Skills in Small Tourism Businesses: An Exploratory Study · PDF · Reading, article · for registered students
• Principles of Accounting, Volume 1: Financial Accounting, ch. 1: Role of Accounting in Society · PDF · OpenStax, textbook chapter; pp. 25–66 · for registered students